Việt Nam-Singapore relations celebrated

July 18, 2023 - 11:38
There are new opportunities for Việt Nam and Singapore to promote investment cooperation in various sectors in the context of rapid transformations with such trends as digital transformation, green economy, sustainable development, and the Fourth Industrial Revolution in the region and the world.


Leading officials of the two countries visit an exhibition of 50-year bilateral relation anniversary. – VNA/VNS Photo

SINGAPORE – The Vietnamese Embassy in Singapore on Monday held a ceremony to celebrate the 50th anniversary of the establishment of Việt Nam-Singapore diplomatic relations (1973-2023) and the 10th anniversary of the bilateral strategic partnership (2013-2023).

Speaking at the event, Vietnamese Foreign Minister Bùi Thanh Sơn reviewed the history of the relations and the achievements recorded in the past 50 years, stressing that the relationship was developing well and that the establishment of their strategic partnership in 2013 had brought the two countries bilateral relations to a new height.

The FM emphasised that in the face of complicated developments in the region and the world, Việt Nam and Singapore should continue to promote cooperation at regional and international forums, striving for a stronger and more prosperous ASEAN. Việt Nam wished to continue to expand and deepen the strategic partnership, not only for the benefit of the two peoples but also to contribute to peace, stability, cooperation and prosperity in the region and the world.

For his part, Singaporean Foreign Minister Vivian Balakrishnan emphasised the strong political ties between the two countries. High-ranking leaders of the two countries meet regularly. Prime Minister Phạm Minh Chính had a successful official visit to Singapore in February 2023 and Singaporean PM Lee Hsien Loong would soon pay a visit to Việt Nam. Meanwhile, Singaporean President Halimah Yacob also had a meeting with President Võ Văn Thưởng last May.

Regarding the economy, Minister Vivian Balakrishnan assessed that Việt Nam had long been one of the leading potential partners in Asia. Singaporean businesses were confident in Việt Nam's long-term economic development prospects, noting that since 2020 Singapore had been one of the leading sources of foreign investment in Việt Nam.

He expressed his hope that the two sides would continue to consolidate the achievements made in the past 50 years to serve as a foundation for cooperation in the next 50 years.

Associate Professor Bilveer Singh from the National University of Singapore said that Việt Nam and Singapore were two very special countries in Southeast Asia. Despite ups and downs, they had found similarities in the political, economic and especially security fields.

Boosting investment cooperation

Addressing a conference on Việt Nam investment in Singapore on Monday, as part of his ongoing official visit to the country, Foreign Minister Sơn stressed investment cooperation had become a highlight in bilateral relations, actively contributing to the socio-economic development of both Việt Nam and Singapore in recent times.

Themed “Seizing investment opportunities in Việt Nam in response to new changes”, the event was jointly hosted by the Vietnamese Embassy to Singapore and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). It saw the participation of over 250 representatives from the Ministry of Planning and Investment, the Ministry of Industry and Trade, and the Ministry of Foreign Affairs, as well as business associations and enterprises of the two countries.

There were new opportunities for Việt Nam and Singapore to promote investment cooperation in various sectors in the context of rapid transformations with such trends as digital transformation, green economy, sustainable development, and the Fourth Industrial Revolution in the region and the world, Sơn said.

The establishment of the Việt Nam–Singapore Digital Economy and Green Economy Partnership during Prime Minister Phạm Minh Chính’s visit to Singapore in early 2023 served as an essential foundation for the two sides to strengthen cooperation in important areas, promote circular economic development, clean energy, and address climate change challenges.

Representatives from Vietnamese ministries, sectors, and businesses updated on the country's development goals for 2030 and its vision for 2045, development trends and investment opportunities in Việt Nam, particularly in the fields of digital economy, manufacturing, and renewable energy.

Participants expressed confidence in Việt Nam's strong economic development potential and spoke highly of its efforts in promoting the development of the green economy, digital economy, and circular economy. They discussed and proposed various specific measures to effectively implement the Việt Nam–Singapore Digital Economy and Green Economy Partnership, strengthen cooperation, mobilise resources for infrastructure development and high-quality investment projects, and promote green financial cooperation and energy transformation.

Singaporean delegates showed their interest in Việt Nam's policies related to developing eco-industrial parks, and its plans to implement National Power Development Plan VIII, as well as continued incentives for green investment projects.

The conference kick-started a series of activities within the framework of FM Sơn’s first official visit to Singapore. It is expected to pave the way for new and practical opportunities in investment cooperation between the two countries, contributing to further deepening the Việt Nam-Singapore strategic partnership.

Singapore is now the second-largest foreign investor in Việt Nam with nearly 3,300 projects worth over US$73 billion. Building on the initiative of both governments, the first Việt Nam-Singapore Industrial Park (VSIP) was established in the southern province of Bình Dương in 1996. So far, there have been 14 VSIPs operating efficiently, generating over 300,000 jobs for locals. – VNS